President Yoweri Museveni has today met African leading industrialist and billionaire Aliko Dangote at Nakasero State Lodge, where the two held discussions on a proposed East African regional oil refinery project aimed at boosting value addition and regional economic integration.
Museveni said on his official X- account that Uganda has consistently opposed the export of raw materials without processing them locally noting that this strategy led to the country’s decision to delay commercial oil production until plans for a refinery were secured.
“We have always opposed the export of raw materials without value addition. That is why Uganda delayed oil production because we insisted on first having a refinery .Without refining our oil, it would not make economic or strategic sense to simply export crude oil while others benefit from the finished products ,” Museveni said.
“I, therefore, welcomed the idea of a bigger regional refinery because our objective is African integration and shared prosperity. We cannot continue operating as fragmented and weak markets. If East Africa works together, such projects become more viable and beneficial to our people,” he added.
Museveni said Uganda is ready to support the regional refinery initiative while also continuing with the development of our own refinery in Hoima.
The President noted that East African countries can only fully benefit from major infrastructure and energy projects if they work together as a united economic bloc rather than fragmented markets.
“We cannot continue operating as fragmented and weak markets. If East Africa works together, such projects become more viable and beneficial to our people,” Museveni noted.
Museveni emphasized that Uganda remains committed to both tracks — supporting regional cooperation initiatives while continuing with the development of its own refinery project in Hoima.
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Yoweri Museveni has repeatedly argued that Africa must move away from exporting raw materials in their unprocessed form if the continent is to achieve meaningful industrialization, job creation and economic transformation.
Hoima is expected to become Uganda’s main oil hub once commercial production begins.
